Financial Review

For the year ending 2022, revenues were £377.5 million which was a £29m increase in turnover from the previous year. However, challenging economic and trading conditions with rising costs during 2022 reduced their ability to trade profitably. With profits down £16.6m from the previous year, they made an £8.8m loss before taxation. In particular, despite significantly reducing their energy consumption increased energy costs of more than 70% have had a huge impact. As a result, they made a trading loss of £5.5 million. They also saw a £1.8m reduction in the value of their investment property portfolio. Despite these challenges, there was lots to be proud of in 2022. From growing their business and improving their sustainability, to supporting our communities and working hard to improve the daily lives of their colleagues. The good news is that the co-op remains a fundamentally sound business with a robust balance sheet and real potential for profitable growth. The latter half of 2022 saw the Food business become the fastest growing in the co-operative movement with the biggest volume turnaround, which mean they are selling a higher quantity of products.

Please click here to view Annual Report & Financial Statements 2023.

2023 will undoubtedly be another challenging year, but the committed and focused team at the East of England Co-op have worked hard on creating a new strategy for growth across their family of businesses to provide a route back to profitability. This will include:

• Growing and evolving the business, opening new Food stores and investing in the Funeral business.
• Building on the success they saw in the latter half of 2022 and growing their sales.
• Simplifying what they do and operate for less to address the continual rise in costs.

Please click here for further details regarding route to profitability, why the food business in key and external funding for capital investment.